A survey has shown that heavy snow and bitterly cold weather across the euro zone affected growth in business activity in January.
The purchasing managers' index (PMI) for the zone, compiled by research group Markit, slipped to 53.6 points from 54.2 in December. Any figure above 50 means activity grew, so the January data signalled a slightly weaker pace of growth. It was the first drop in 11 months in the overall index.
Growth was strongest in manufacturing, with a sixth monthly increase in a row, but the rate of growth in the services sector slowed for the first time after five consecutive months of expansion.
'A slight easing in the rate of growth needs to be put in the context of the adverse weather that affected many businesses during the month,' said Markit chief economist Chris Williamson.
